Luxembourg saw the highest rise in house sales in the second quarter of 2024 among 14 EU countries, according to data released Monday by the bloc’s statistics bureau, Eurostat.
The 26.3% increase compared to the second quarter of last year in the number of transacted dwellings was the highest among the 14 countries (out of 27 member states) that provided the data.
The second-highest increase was recorded in Hungary (+21.7%), while seven countries – among which Austria (-20.5%), Slovenia (-19.7%) and Ireland (-18.1%) – saw their rate drop.
Also read:Drop in Luxembourg house prices steepest in EU
Signs of recovery of the Grand Duchy’s property market had been confirmed in June by the Observatoire de l’habitat, which had said that sales were up and prices were stabilising during the first quarter of this year.
However, activity is still significantly down compared to the five-year average of the period 2017 to 2022, the observatory and Eurostat said.
Also read:Housing market shows first signs of recovery
The Grand Duchy recorded its steepest drop during the first quarter of 2023, with a decrease in sales of 50%, making it the country with the biggest drop out of the 14 countries for which data was available.
It continued to perform poorly in the following months, dropping by 44.7% in the second quarter, 41% in the third quarter and 35.5% in the final quarter of last year compared to 2022.
Also read:House prices drop 8% amid surge in sales
Despite showing signs of recovery, “Luxembourg is the only country covered that showed a decrease in the number of transacted dwellings every year over the most recent 5 years (2019 to 2023),” Eurostat said.
Last week, Eurostat revealed that Luxembourg has also seen the largest fall in house prices in the bloc for the second quarter of this year, with an 8.3% year-on-year decline.
Alongside Luxembourg, only five other countries – including neighbours France and Germany – also recorded a drop.
Source link : https://www.luxtimes.lu/luxembourg/rise-in-luxembourg-housing-sales-highest-among-14-eu-countries/22419392.html
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Publish date : 2024-10-07 14:04:00
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